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The first Bank Secrecy Act in the Caribbean was in the Bahamas in 1964. Until then, Switzerland had always been the" leading banking Oasis "- known throughout the world for its" private banking ". The Cayman Islands Government soon follow the Bahamas Bank Secrecy Act, with almost identical legislation a year later. The growth of the Cayman Islands in the top offshore banking center was originally defined by their secrecy laws.
Today, all tax havens have secrecy or confidentiality regulations. One exception is Bermuda, which never officially a secrecy act - such as Bermuda, the "common law" and isolated "responsible", it was always good.
As it turned out, the secrecy / confidentiality laws and regulations were an important impetus for offshore companies for the Caribbean and Pacific tax havens, and for the most part, still are.
While the original idea of banking secrecy was a good for the offshore ports, it was not (and never will) and the U.S. Treasury Department and its enforcement agency - the IRS.
While nobody would argue that these countries have a right to adopt and its banking secrecy, it has problems, including attracting a criminal element, drug money laundering, tax evasion and issues for the citizens of industrialized nations like the U.S., Britain, Canada and Australia.
Bank secrecy has been alone for the end users for over forty years, but under U.S. law (and the laws of other industrialized nations - Japan, Britain, Canada, Australia) is to income tax evasion (a crime), only in an offshore bank account and not reporting the income in tax returns. In the U.S., the mere existence of the banking and security policy will be reportable on a Form TD 90-22.1.
Few Americans want.
http://www.ustax.ch/pdf/2005_f9022-1.pdf
But secrecy and confidentiality regulations for protection from creditors and "Other", and where the taxes alone are not the problem, the banking secrecy with "responsibility" to "asset protection, privacy and more.
Privacy: An author writes: "You can not find your offshore investments." The bank secrecy laws in the Bahamas (Cayman, Anguilla and the BVI) are so confusing.
Exception: All these countries have legal assistance treaties with the United States and other nations, for cooperation in criminal matters (ie other than tax matters).
A crime such as embezzlement of assets from the coffers of U.S. companies on "hidden bank accounts offshore will end in conviction and sentencing - most of the time.
The MLAT are applicable to the "Bund" by the U.S. Attorney's Office (ie, with headquarters in Miami, Atlanta, New York, LA). However, there is no "collaboration" is available, the private investigations under the MLAT, except through the use of local (Bahamas, Anguillian, Cayman) lawyers and the local courts in these countries. If such studies are pursued, they are often expensive and pointless - as tax havens have a reputation to protect, and here again - that banking secrecy is an issue in the courts.
U.S. judgments are not recognized offshore: "The Supreme Court of the Bahamas does not recognize U.S. court judgments against a company in their respective territories." This also applies to other Caribbean ports - including the Cayman, the British Virgin Islands, Anguilla, Saint Kitts and Nevis.
Federal courts have no jurisdiction: "U.S. - Federal judges have no power or authority outside the U.S. borders. IRS liens are not recognized offshore. Seizure warrants from the U.S. Customs Service are not recognized offshore." - Basically, the author of this statement is correct .
Another interesting find protection offshore is the American and foreign lawyers can not practice law in these places. For example, here in the Bahamas, you must be a citizen of the Bahamas to a lawyer and practice in the Bahamas courts. Even the largest American law firm would have to rent Bahamas Registry to resolve their disputes or claims
Notwithstanding all of the above, there is no "integration" between the U.S. tax law and the law of the foreign nation - except if it is an "Income Tax Treaty".
But the U.S. Treasury Department has a sympathetic "ear" and the setting in the offshore financial centers of community wellbeing, but that has changed from "threats" to "bullying" to acceptance of their rights to exist and that no taxes.
Use of tax havens by citizens from all industrial nation is always of the risks and opportunities. Knowing your home country's tax laws is of fundamental importance. An offshore company or bank - no matter how big and serious - is simply not interested in your tax liability or a problem.
The irony in this context is that the U.S. tax and the Canadian tax code and the UK tax code tax provisions, effective for the company. Not all incoming and outgoing transactions are "forbidden" or illegal.
With a tax code that is 55,000 pages long, the U.S. law on the use of tax havens and offshore bank accounts is certainly not recommended.
http://www.fourmilab.ch/ustax/ustax.html
http://www.fourmilab.ch/ustax/www/sections.html
But, please read the U.S. tax code long enough and find some "green light and loopholes." For example, possess Offshore Real Estate on a offshore company and trust can / could 'protect' rental income and capital gains from U.S. taxes when you "structure" your questions and know the U.S. tax code (especially the laws and CFC revocable trust domestic U.S. legislation - section 661 to sections 679th
See especially "Power to revoke."
http://www.fourmilab.ch/ustax/www/t26-A-1-JIE-676.html
http://www.fourmilab.ch/ustax/www/t26-A-1-JIE-674.html.
There is a Foreign Earned Income Exclusion of $ 80,000 when you can pay, and the U.S. wage payer can still deduct for the tax return, if you know the law.
http://www.irs.gov/businesses/small/international/article/0,, id = 97130.00. html
But, usually the most opportunities that the Americans, Canadians and UK citizenship, is wishful thinking, so be careful.
• $ 1.2 trillion U.S. dollars on deposit in Cayman banks - by 10% in 2005 says Cayman Government?
• Sixty percent of this money comes from U.S. investors, said Manhattan District Attorney Robert Morgenthau.
• Did you know there are two online broker shares of companies domiciled in a tax haven (offshore) - and both are 100% owned by Bank of New York?
• Did you know that non-resident foreigners (including foreign) can trade 'publicly traded shares "(ie, NYSE, NASDAQ, AMEX) under the tax and not owe capital gains tax?
• "One of the most effective applications of offshore trusts is in an ownership combination with a company with limited liability". " - Richard Graham-Taylor, partner Ernst & Young, Grand Cayman (January 1990).
• Sales in 2005 for Ernst & Young's worldwide were $ 19 billion.
• The Old Moneyed Dupont Nemours and Roosevelt Families Buy Tax Haven
• http://tomazz1.wordpress.com/
• http://www.ncpa.org/abo/staff/pdupont.html
• http://www.guerrillanews.com/blogs/1839/The_history_of_the_Du_Pont_weapons_industrial_complex
Disclaimer: Under the Internal Revenue Service-orientation, it is noted that any federal tax advice in this communication, including any attachments or installations, or has not been written, and it can not be used by a natural or legal person for the purpose of avoiding penalties under the Internal Revenue Code.
Since 1990 I have a total of more than 1,300 international business companies here in Nassau and in no country of Anguilla (a UK "Overseas Territory, such as Cayman and BVI) - 1,100 miles southeast of Miami. 100 miles from San Juan and USVI.
On the basis of the tax-free haven of the Bahamas, I have over 20 years experience reading and writing about tax havens and financial center.
Thomas Azzara
New Providence Estate Planners, Ltd.
(Adviser)
54 Sandy Drive
P.O. Box CB 11552
Nassau, Bahamas
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